A Gap Exists Between Innovation Aspiration and Innovation Outcomes

For many years, innovation has been listed as a top priority of CEOs. In a recent McKinsey survey where executives said that innovation was a key factor in their growth strategy, a staggering 94% of executives reported dissatisfaction with their company’s innovation performance. It appears to be the case that a gap exists between innovation aspiration and innovation outcomes.  And yet, it remains a top priority for growth-oriented organizations.
 

There exists a broad vocabulary related to the practice of innovation. For this purpose, we will use the definition found in the book: No Excuses Innovation by Vojak & Herbst: "the actual productive use, based on creativity, of products, processes, service or business models." Briefly, innovation is a reduction to practice of creativity to serve customer needs. 
 

Got customers?
 

Then the practice of innovation is relevant to you if you desire to remain relevant.
 

Innovation advisor, two-time book author, and ASA Innovation Summit speaker, Bruce Vojak says: ‘Small and Medium-Sized Mature Enterprises (SMMEs) may feel they lack the relative economies of scale and scope available to large companies to understand and invest in innovation. Often, they are in a position of sustained disadvantage with no perceived path of innovation or renewal’. However, innovation need not be an all-in, high budget, technology forward, grandiose pursuit, he says. In mature organizations, it necessitates a two-pronged, complimentary investment in incremental innovation (continuous improvement) and breakthrough innovation (redefining the nature of competition). Breakthrough innovation can and should begin with low-risk, reasoned-investment in learnings, pursuing holistic customer wants and needs and observing patterns of behavior to uncover potential opportunities to renew your business.
 

In his session at ASA’s Innovation Summit, Bruce will make the case to owners, executives, and leaders of the value of innovation: why it's worthy of investment and what it can do for the culture, health and longevity of your company. 
 

Join us at ASA Innovation Summit in September 25-26, 2024 in Rosemont, IL to hear more about the case for investment in innovation where optimization and renewal of the enterprise are BOTH necessary for your organization’s renewal and success.
 

ASA INNOVATION SUMMIT